Over 1.6 billion Shiba Inu (SHIB) tokens have gone out of circulation as the project’s burn rate has skyrocketed over the past 24 hours.
according to the new data According to SHIB burn tracker Shibburn, the burn rate for dog-themed meme assets has jumped to over 56,965%, with 1,695,572,371 SHIB gone unused.
According to Shibburn, the latest major burn has seen the total number of Shiba Inu tokens discarded since the initial supply surpass 410.6 trillion. The circulating supply of this project is about 574.1 trillion.
A Dogecoin (DOGE) competitor recently launched a testnet for its upcoming Layer 2 scaling solution, Shibarium. The testnet is called “Puppynet”. It is unknown when the project will release the mainnet.
More than 5 million transactions have been made on Puppynet since its launch in March, a five-fold increase from the 1 million reported on March 31, according to blockchain scanner Blockscout. .
Unlike the price of another meme token, Pepe (PEPE), Shiba Inu price action has been relatively flat lately, trading between $0.00000988 and $0.00001005 over the past seven days.
SHIB is worth $0.00001004 at the time of writing and is up 1.2% over the last 24 hours.
Pepe surged when news broke of Binance, the world’s largest cryptocurrency exchange by market capitalization, adding its assets to its platform. PEPE surged from his April 28th low of $0.000000254 to where he surged to $0.00000375, up 1,300% in one week. This asset is based on a controversial meme.
PEPE is trading at $0.00000341 at the time of writing, up 81.2% over the last 24 hours.
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